New Delhi, May 26 -- : The Enforcement Directorate (ED) has arrested Nowhera Shaik from Gurugram in connection with the alleged Heera Group investment fraud case involving more than Rs 3,000 crore and over 1.72 lakh investors, many of them Muslims, across the country.
According to the ED, Shaik allegedly persuaded Muslim investors to avoid earning interest from banks, claiming that bank interest was prohibited under Sharia law, and encouraged them to invest their money in Heera Group companies instead by promising returns of nearly 36 per cent annually.
The ED alleged that nearly Rs 6,000 crore was collected from investors through the scheme, while fraud involving more than Rs 3,000 crore has been identified so far. The agency said the co...